KUALA LUMPUR: HSBC and Public Bank have agreed to waive interest, penalties and additional charges for six months on loans held by 54 Malaysians who remain missing after the devastating Nepal floods, easing the financial burden on their families amid prolonged uncertainty.
The announcement was made yesterday by crisis support group Malaysia Solidarity Families in Hope (MASFIH) in its Day 50 status statement.
Its coordinator and spokesperson Dr Manivannan Rethinam said the move followed negotiations with Bank Negara Malaysia (BNM) on Oct 12, describing it as a meaningful step towards securing comprehensive financial relief for the affected families.
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He urged other financial institutions to follow suit, warning that moratoriums which waive penalties but continue to accrue interest could leave families facing heavier debts when the relief period ends.
“We hope this example by HSBC and Public Bank encourages other financial institutions to adopt a similar approach.
“A moratorium that waives penalties but continues to accrue interest risks leaving families with a heavier financial burden when it ends,” Manivannan said.
He said two other banks had offered moratorium assistance with penalty charges waived, but confirmation on whether interest would also be waived remained outstanding.
Manivannan thanked HSBC, Public Bank and BNM for their intervention, urging all financial institutions to provide meaningful, comprehensive relief rather than partial assistance.
“These are families living with unanswered questions, holding on to hope while trying to keep their financial affairs in order under circumstances few could imagine,” he said.
Meanwhile, MASFIH urged the Foreign Affairs Ministry to confirm whether it had received official communication from Nepal following media reports on Oct 12 about a formal procedure to verify missing persons, including foreign nationals, from the Rasuwa Bhotekoshi floods.
Manivannan said the families needed urgent updates and clear next steps regarding the 54 missing Malaysians, stressing that verification of a missing person’s details must be distinguished from any legal process concerning presumed death.
“After 50 days of uncertainty, families need swift updates and clarity without being given premature or misleading conclusions about the status of their loved ones,” he said.